CIMB Research raised its target price for CapitaMalls Asia Ltd to S$2.05 from S$1.99, and kept its 'neutral' rating, to account for its acquisition of a shopping mall site in China and higher share price for one of its part-owned property trusts.
By 0258 GMT, shares of CapitaMalls were 0.5 percent higher at S$2.16. They have gained 11.3 percent since the start of the year, compared with the benchmark Straits Times Index's 1.1 percent rise.
CapitaMalls acquired a shopping mall site in Wuhan, China for S$128.4 million, its fourth in that city. CIMB said this was in line with the company's strategy to expand in its core markets.
The brokerage also lifted its revalued net asset value slightly for CapitaMalls because of the higher share price for its unit CapitaRetail China Trust.
OCBC also raised its target price for CapitaMalls Asia to S$2.55 from S$2.16 and kept its 'buy' rating.
"We continue to favor CapitaMalls for executing sharply on a well thought-out strategy: active capital deployment into its growth market China through deepening its operational presence in key cities, such as Shanghai, Beijing, Chengdu and Wuhan," OCBC said.
1112 (0312GMT) (Reporting by Teo Jion Chun in Singapore; Editing by Gopakumar Warrier; firstname.lastname@example.org)(Reuters Messaging: email@example.com)